Global markets are experiencing severe turbulence, similar to past crises such as the COVID-19 pandemic. This market crash was mainly driven by growing concerns about a recession in the U.S. These concerns severely impacted the U.S. banking sector and prompted swift responses from other countries, including South Korea, where markets also plunged.
The turmoil led to the biggest one-day drop in cryptocurrencies this year. Bitcoin plunged to $52,300 and Ethereum fell to $2,100, leading to approximately $370 million in liquidations in an hour. Despite Black Monday, some Altcoin still achieved impressive returns, standing out as potential tokens amid the overall market downturn.
The best cryptocurrencies to buy right now
HNT
Helium aims to enhance the communication of wireless Internet of Things (IoT) devices. It mainly appeals to device owners and people interested in the IoT space. Financial incentives further expand its reach. Helium is recognized as a top decentralized infrastructure (DePIN) project.
Recently, the Helium Foundation announced a major protocol update. They modified the leap day emission schedule change and adjusted the IOT and MOBILE validators to exclude leap year accounting from reward calculations. This update will take effect in the next reward cycle.
This change has minimal impact on incentives as it adjusts next year's emissions from 366 days to 365 days. These parameters are already part of the on-chain emissions schedule, so no adjustments are required for this year's changes. Future configuration modifications will update the emissions targets for next year's halving cycle.
Currently, the HNT token is trading at around $4.588, up 7.37% in the past 24 hours. It is trading above its 200-day simple moving average and has been trending up 17 of the past 30 days. The token has high liquidity relative to its market capitalization.
MNT
Mantle Network has attracted attention in the blockchain space for its innovative strategy focused on scalability and decentralization. The network aims to increase the efficiency and speed of transactions, making it a great choice for cryptocurrency investors.
Recent data shows a significant increase in the total value locked (TVL) in the Mantle Network ecosystem, along with an increase in daily transaction volume between September 2023 and July 2024. This upward trend indicates increasing user adoption and growing transaction activity, which indicates a positive trajectory for decentralized finance (DeFi).
The MNT token associated with the Mantle Network has seen a noticeable increase in value over the past few days. This growth can be attributed to significant buying activity from large investors, often referred to as “whales.” The surge in interest from these major investors reflects their confidence in the long-term potential of the project.
Furthermore, the market capitalization of the MNT token shows strong liquidity. At press time, the coin’s 14-day relative strength index is 63.96. The figure indicates that the cryptocurrency is in a neutral state, suggesting that it may experience sideways trading in the short term.
Additionally, recent developments for Mantle Network and its MNT token highlight growing interest from investors and analysts. Increased trading volume and TVL, coupled with significant buying activity, indicate the project has potential in the growing DeFi space.
VET
In a recent integration, VeChain and Venum Brazil launched a new series of “phygital” T-shirts that merge physical and digital elements. The T-shirts use near-field communication (NFC) and non-fungible token (NFT) technology to ensure that each T-shirt is authenticated and its history is verified on the blockchain.
Additionally, VeSwap, the leading decentralized exchange (DEX) in the VeChain ecosystem, has entered into a partnership with VeStation, a decentralized finance (DeFi) platform based on VeChain. The partnership aims to promote sustainable development and create a robust environment for users.
In addition, VeSwap will support VeStation’s $ssUSD and VeBetterDAO trading pairs, and provide liquidation support during VeStation’s VET undercollateralization. By integrating $ssUSD into VeSwap, the platform will expand its product offerings to support economically and environmentally sustainable projects.
The collaboration will enhance relevant trading pairs, unlock liquidation assistance, nourish the DeFi ecosystem, and usher in the VeFi summer with VeBetterDAO. These latest developments coincide with a surge in VET token trading volume, which increased by 238.04% to $83 million.
Furthermore, the coin’s price has slightly increased by 0.76% despite the global market downturn. Moreover, the 14-day relative strength index (RSI) is 56.74, which suggests that the cryptocurrency is currently in a neutral state and may go sideways.
Create a high-quality circle, mainly spot goods
Conditions: Overall position ≥ 10,000u. If you want to join, scan the QR code below!
(There is too little room for hundreds or thousands of operations. If you don’t have one, you can also send a private message. As long as you have a skill such as on-chain data, on-chain meme crawling, etc., you can also join after passing the screening)
Details are as follows:
If you have any good specific content, please add anything you think of in the group. Anyway, let’s stick together and keep each other warm!
I will do a more detailed analysis in the communication group. If you want to join my circle, please contact directly 👇🏼👇🏼👇🏼
VX: afeng870
